Walker Crips' Market Commentary
US imposes strictest regulations yet on sales of computer chips to China
Stock markets started the week brightly enough, with a two-day rally as good as any since the start of the pandemic. But it was not to last, as OPEC dealt a blow to investors outside the oil sector, and to consumers battling inflation, by opting to cut oil production by two million barrels a day. This was enough to trigger a rally of nearly 10% in the price of oil. The decision came despite frantic lobbying by US officials and a visit by President Biden to Saudi Arabia in July. Some commentators viewed this as a weaponisation of oil prices amidst an energy power struggle between America and Saudi Arabia, and the US government described Saudi Arabia as having chosen to align itself with Russian interests.
Advanced Micro Devices, Imperial Brands, Intel Corp, Levi Strauss & Co and Samsung Electronics
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